Chilton said the data shows the need for the CFTC, as part
of the Dodd-Frank financial overhaul, to curb speculation on raw
materials such as oil, natural gas and wheat.

“We were given new authority to place limits on
speculation as part of the new financial reform law, but we
haven’t done that yet and we need to pronto,” he said in a
statement before the speech.

The CFTC missed the Dodd Frank Act’s mid-January deadline
to enact curbs on speculation. The commission voted Jan. 13 to
put out for comment a proposal that would restrict the number of
contracts one firm can hold. There is no schedule for the agency
to take a final vote on the rules.

CFTC Chairman Gary Gensler told lawmakers the commission
wouldn’t meet the deadline because it doesn’t yet have
sufficient data. The agency will begin collecting that
information in the third quarter of 2011, according to the
filing.